I am new to investing and have a few questions about capital gains tax (CPT). So if it is long term it is 15% and if it is short term is it 25%?

Second, do they only tax on your revenue? For instance if l have 20 shares of APPL that l bought at 90 and sell a year later for say 91 so l make 20.00. Is the 20.00 the amount that will get taxed 15%? Thank you so much for your help. Frank!

basically yes.

However if Obama gets elected (he probably will), this will all change and go in the dumpster fairly quickly. Capital gains taxes will more than double, and the limit will be raised to 70% of the net gain. This is fact. That is what it was under Carter, and Clinton both.

Sir l am an Indian.In our country certain form of investments are exempted from capital gain tax.For long term capital gain we have to consider the price index also for the year of purchase and for the year of sale.

Yes, 20.00 is the amount that will get taxed 15%.

If u want a good, plain-English, guide to capital gains taxes l recommend

http://fairmark.com/capgain/index.htm

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l just wanted to add that the comment in another answer that ''Capital gains taxes will more than double, & the limit will be raised to 70% of the net gain. This is fact. That is what it was under Carter, & Clinton both.'' is totally inaccurate.

The only time the top rate on capital gains was over 40% was during World War I.

http://ctj.org/pdf/regcg.pdf

The only change in capital gains taxes in Obama is tax proposal is to ''Increase maximum capital gains rate to 20 percent for those earning more than $200,000 ($250,000 for married couples)'' according to the non-partisan Tax Policy Center.

http://taxpolicycenter.org/taxtopics/election_issues_matrix.cfm